Unemployment rate

When the economy is working property what is the unemployment rate

4.6%

Lowering income tax rates will most likely increase

Consumer spending

According to the demand-pull theory, what is responsible for inflation

Demand for goods and services exceeds existing supply

entitlement programs such as social security fall into what type of federal spending

Mandatory spending

which of the following would be a progressive tax

People earning $35,000 pay 15% tax, while people earning $100,000 pay 28% tax

Which one of these people lost his or her job because of structural unemployment

Rebecca dropped out of school and now fails to meet the minimum requirements for her job

If you lived on a fixed income, how would you be affected by inflation?

You would be financially stressed because your income does not increase when prices go up

Which of the following is most likely to increase unemployment

a decrease in business spending

what is entitlement

a social welfare program benefits to people who meet certain eligibility requirements

Madison has a part-time job and would prefer to have a full-time job but has been unable to find full-time work. Madison's labor market status is classified as

an underemployed worker

what do social security tax pay for

benefits to older citizens, surviving family members of wage earners

what economic system does the United States use today

capitalism

Karmen loses her job at a shoe factory when the economy falls into a recession. Karmen is

cyclically unemployed

As prices rise the purchasing power of money

declines

an example of federal discretionary spending is

defense

A person who is out of work would like to work but has given up looking for work is called

discouraged worker

All of the following are types of tax structure except

discretionary

Which of the following has been most important in reducing poverty over time

economic growth

state spend their money on all of these except

education

most federal mandatory spending is spent on

entitlements

Taxes on specific goods such as cigarettes, gasoline, and alcoholic beverages

excise tax

It is unlikely that the unemployment rate will ever fall to zero because of

frictional unemployment

Amber recently moved to Boston in order to husband, Jay to begin a new job as an economics professor at Harvard. Amer is an experienced surgin who is currently interviewing with several hospitals in boston. Amer is currently

frictionally unemployed

Inflation is a period of

general rise in the price levels

Inflation may result from

increased growth in the money supply

what provides the largest portion of federal revenue

individual income taxes

Microeconomics focuses on

individuals and business

the government's health plan for the elderly is called

medicare

what are the differences between medicare and medicaid

medicare provides healthcare for people over 65, and medicaid offers benefits for low-income

In the united states which of the following forms of taxation currently represent the largest source of tax revenue for the

personal income tax

The effects of inflation can be seen mainly in all of the following except

population

The percentage of the population that falls below the poverty line is called the

poverty rate

According to the cost-push theory, what is responsible for inflation?

producers raise prices to meet increased costs

the federal income tax is a

progressive tax

what is the major source of tax revenue for local government

property taxes

What theory claims too much money in the economy causes inflation

quantity

which two types of taxes provide the largest amount of revenue to states

sales taxes and individual income taxes

When a farmer loses his job after harvest it is an example of

seasonal unemployment

What is the difference between seasonal unemployment and structural unemployment

seasonal unemployment occurs because a schedules where as structural occurs because people lack skills

which of the following is one reason the federal government collect taxes as a

so that the government can pay bills as the come due

What do taxes collected under the Federal Insurance Contribution Act (FICA) fund?

social security and medicare

Collin, who is 55 years old and has been a steel worker for 30 years is unemployment because the steel plant in his town closed and moved to mexico

structural unemployment

an income property or sales tax are included in what is called a

tax base

what category does a person's income property and sales tax belong

tax base

which of the following describes a situation where tax laws give preferential treatment to specific types

tax loophole

what is the primary way that the government collects money

taxes

a representative collection of goods and services used to calculate the Consumer Price Index (CPI) is called

the market basket

The poverty threshold or poverty line varies according to what

the size of the family

Raising income taxes on businesses will most likely increase

the unemployment rate

Which of the following economic measures is most likely to decline when the economy is healthy

the unemployment rate